By Paul A. Harris
Portland, Ore., March 21 – Virgin Media Inc. priced a £300 million issue of Virgin Media Receivables Financing Notes II DAC 5¾% five-year receivables financing notes at par to yield 5.741% on Wednesday, according to a market source.
The yield came near the wide end of the 5½% to 5¾% yield talk.
BNP Paribas, Credit Suisse, ING, Banca IMI and DNB Markets managed the sale.
Proceeds will be used to help finance Virgin Media's existing vendor financing program.
Virgin Media, a subsidiary of Liberty Global plc, is a Hook, England-based provider of broadband, TV, mobile phone and home phone services.
| Issuer: | Virgin Media Receivables Financing Notes II DAC
|
| Amount: | £300 million
|
| Maturity: | April 15, 2023
|
| Securities: | Receivables financing notes
|
| Bookrunners: | BNP Paribas, Credit Suisse, ING, Banca IMI, DNB Markets
|
| Coupon: | 5¾%
|
| Price: | Par
|
| Yield: | 5.741%
|
| Spread: | 447 bps
|
| Call protection: | One year
|
| Trade date: | March 21
|
| Marketing: | Quick to market
|
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